Swiss-based baker, Aryzta reported first quarter sales of €796.3m, a rise of 6.5% on the corresponding period last year.

However, when acquisitions are stripped out, underlying sales increased by 1.8%. Acquisitions accounted for a further 9.5% growth but unfavourable currency movements knocked 4.8% off reported revenues.

Across Aryzta’s geographic markets, on a like for like basis, sales in Europe of €377.6m grew by 0.7%, reflecting the challenging market environment experienced there in recent times.

Total sales in Europe were, however, boosted by 18.5% from recent acquisitions, but with unfavourable currency movements knocking 1.6% off reported sales, overall net revenue growth of 17.6% was achieved across Europe.

In north America, like-for-like sales grew by 1.7% to €364m. Acquisitions added a further 3.1%, but currency movements offset these sales by 5.7% to generate a net 0.9% fall in sales in this region.

Like-for-like sales in the ‘rest of world’ grew by 8.9% to €54.5m, but with currency movements knocking 16.3% off reported sales, net sales declined by 7.4% here.

Aryzta’s balance sheet remains strong, with net debt standing at €849.2m, which equates to a net debt to EBITDA of just 1.57 times and with interest cover of 9.37 times.

Aryzta’s shares currently trade at 13.8 times 2014 earnings, offers a dividend yield of 1% and continue to generate a 11.3% return on capital. Finally, Aryzta’s share price is up 39% year to date.